Zhibao Technology Wins Tender to Provide High-End Medical TPA Services to PICC Group
Zhibao Technology Inc. (NASDAQ: ZBAO) has won a tender to provide high-end medical third party administration (TPA) services to the People's Insurance Company of China (PICC Group). Zhibao is one of four exclusive vendors selected to offer TPA services to all PICC Group subsidiaries, including PICC Property & Casualty, PICC Health, and PICC Life. The contract is valued at CNY 28 million over a 3-year period from 2024 to 2027.
This partnership grants Zhibao access to PICC's extensive network of over 3,000 branch offices, including 36 provincial-level branches nationwide. The collaboration is expected to benefit Zhibao's Managing General Underwriting (MGU) business division and enhance its main Business-to-Consumer (2B2C) embedded digital insurance brokerage business. PICC Group is ranked as the ninth-largest insurance group globally by premiums written in 2021.
Zhibao Technology Inc. (NASDAQ: ZBAO) ha vinto un appalto per fornire servizi di amministrazione di terze parti (TPA) per alta tecnologia medica alla People's Insurance Company of China (PICC Group). Zhibao è uno dei quattro fornitori esclusivi selezionati per offrire servizi TPA a tutte le sussidiarie del PICC Group, inclusi PICC Property & Casualty, PICC Health e PICC Life. Il contratto ha un valore di CNY 28 milioni per un periodo di 3 anni dal 2024 al 2027.
Questa partnership consente a Zhibao di accedere all'ampia rete del PICC, composta da oltre 3.000 filiali, comprese 36 filiali a livello provinciale in tutto il paese. Si prevede che la collaborazione avvantaggi la divisione Managing General Underwriting (MGU) di Zhibao e rafforzi la sua principale attività di brokerage di assicurazioni digitali integrate Business-to-Consumer (2B2C). Il gruppo PICC è classificato come il nono gruppo assicurativo più grande al mondo per premi scritti nel 2021.
Zhibao Technology Inc. (NASDAQ: ZBAO) ha ganado una licitación para proporcionar servicios de administración de terceros (TPA) de alta tecnología médica a la People's Insurance Company of China (PICC Group). Zhibao es uno de los cuatro proveedores exclusivos seleccionados para ofrecer servicios de TPA a todas las subsidiarias del PICC Group, incluyendo PICC Property & Casualty, PICC Health y PICC Life. El contrato está valorado en CNY 28 millones durante un periodo de 3 años desde 2024 hasta 2027.
Esta asociación otorga a Zhibao acceso a la extensa red de más de 3,000 sucursales del PICC, incluidas 36 sucursales a nivel provincial en todo el país. Se espera que la colaboración beneficie a la división de Managing General Underwriting (MGU) de Zhibao y mejore su principal negocio de corretaje de seguros digitales integrados Business-to-Consumer (2B2C). El grupo PICC se clasifica como el noveno grupo asegurador más grande a nivel global por premios escritos en 2021.
지바오 테크놀로지 Inc. (NASDAQ: ZBAO)가 중고급 의료 제3자 관리(TPA) 서비스를 중국 인보험 회사(PICC 그룹)에 제공하기 위한 입찰에서 승리했습니다. 지바오는 PICC 그룹의 모든 자회사, 즉 PICC 재산 및 사고, PICC 건강 및 PICC 생명에 TPA 서비스를 제공하기 위해 선정된 네 개의 독점 공급업체 중 하나입니다. 이 계약의 가치는 CNY 2800만이며, 2024년부터 2027년까지 3년 동안 유효합니다.
이번 파트너십을 통해 지바오는 PICC의 3,000개 이상의 지점 네트워크에 접근할 수 있으며, 그 중 36개는 전국적인 지방 지점입니다. 이번 협업은 지바오의 관리 일반 인수(MGU) 사업 부문에 혜택을 줄 것으로 예상되며, 주 사업인 소비자 대상(Business-to-Consumer, 2B2C) 디지털 보험 중개 사업을 강화할 것입니다. PICC 그룹은 2021년 기준으로 보험료 기준으로 세계에서 아홉 번째로 큰 보험 그룹으로 평가받고 있습니다.
Zhibao Technology Inc. (NASDAQ: ZBAO) a remporté un appel d'offres pour fournir des services d'administration de tiers (TPA) en haute technologie médicale à la People's Insurance Company of China (PICC Group). Zhibao est l'un des quatre fournisseurs exclusifs sélectionnés pour offrir des services de TPA à toutes les filiales du groupe PICC, y compris PICC Property & Casualty, PICC Health et PICC Life. Le contrat est évalué à CNY 28 millions sur une période de 3 ans de 2024 à 2027.
Ce partenariat donne à Zhibao accès au vaste réseau de plus de 3 000 agences de la PICC, y compris 36 agences au niveau provincial à l'échelle nationale. Cette collaboration devrait bénéficier à la division de gestion générale des souscriptions (MGU) de Zhibao et renforcer son principal modèle commercial de courtage d'assurances numériques intégré Business-to-Consumer (2B2C). Le groupe PICC est classé comme le neuvième plus grand groupe d'assurance au monde selon les primes émises en 2021.
Zhibao Technology Inc. (NASDAQ: ZBAO) hat eine Ausschreibung gewonnen, um hochwertige medizinische Drittanbieterverwaltungs (TPA) Dienste für die People's Insurance Company of China (PICC Group) bereitzustellen. Zhibao gehört zu den vier exklusiven Anbietern, die ausgewählt wurden, um TPA-Dienste für alle Tochtergesellschaften der PICC Group, einschließlich PICC Property & Casualty, PICC Health und PICC Life, anzubieten. Der Vertrag hat einen Wert von CNY 28 Millionen über einen 3-Jahres-Zeitraum von 2024 bis 2027.
Diese Partnerschaft gewährt Zhibao Zugang zum umfangreichen Netzwerk von über 3.000 Niederlassungen der PICC, einschließlich 36 provinzieller Niederlassungen im ganzen Land. Es wird erwartet, dass die Zusammenarbeit der Abteilung für Managing General Underwriting (MGU) von Zhibao zugute kommt und das Hauptgeschäftsmodell des digitalen Versicherungsbrokerages im Bereich Business-to-Consumer (2B2C) stärkt. Die PICC Group wird als die neuntgrößte Versicherungsgesellschaft weltweit nach geschriebenen Prämien im Jahr 2021 eingestuft.
- Won tender to provide TPA services to PICC Group, a major insurance company
- Contract valued at CNY 28 million over 3 years
- Access to PICC's extensive network of over 3,000 branch offices
- Potential to enhance credibility in the insurance sector
- Opportunity to diversify business activities and strengthen path to profitability
- None.
Insights
This tender win is a significant milestone for Zhibao Technology. The
The partnership with PICC, a global insurance giant, boosts Zhibao's credibility in the insurance sector. This could lead to improved market perception and potentially higher valuation for the company. The diversification of business activities and enhanced cash flow position strengthen Zhibao's path to profitability, which is important for investor confidence.
Zhibao's selection as one of only four exclusive vendors for PICC Group's high-end medical TPA services is a testament to their operational capabilities and industry expertise. This partnership positions Zhibao at the forefront of the InsurTech revolution in China's insurance sector.
The synergy between this TPA service and Zhibao's main 2B2C embedded digital insurance brokerage business creates a competitive advantage. It allows Zhibao to offer integrated solutions, potentially capturing a larger market share. The collaboration with PICC, the ninth-largest global insurance group, could lead to further high-profile partnerships, accelerating Zhibao's growth trajectory in the InsurTech space.
This tender win signifies Zhibao's strong market positioning in China's rapidly growing InsurTech sector. The partnership with PICC Group, which has a substantial market presence, provides Zhibao with a significant competitive edge over other InsurTech players.
The 3-year contract duration offers a stable foundation for Zhibao to expand its services and potentially increase market share. This deal could serve as a catalyst for future growth, attracting more high-profile clients and partnerships. Investors should monitor how effectively Zhibao leverages this opportunity to scale its operations and enhance its product offerings in the coming years.
Shanghai, China--(Newsfile Corp. - August 30, 2024) - Zhibao Technology Inc. (NASDAQ: ZBAO) ("Zhibao" or the "Company"), a leading and high growth InsurTech company primarily engaged in providing digital insurance brokerage services through its operating entities in China, today announced that it has won a tender to provide high-end medical third party administration ("TPA") services to the People's Insurance Company of China Limited, one of the largest insurance groups in China ("PICC Group").
This tender designated Zhibao as one of the four exclusive vendors authorized to provide TPA services to all PICC Group subsidiaries, including PICC Property & Casualty (P&C), PICC Health, PICC Life, etc. valued at CNY 28 million over the 3-year period.
The Company was one of four providers selected from a pool of 8 candidates to provide services for a period of 3 years from 2024 to 2027. Bidders were assessed on a variety of factors, including but not limited to, operational ability, experience and track record providing similar services, price, and the merits of the proposed service plan, by both PICC Group and an independent assessor.
This tender provides Zhibao access to PICC's substantial footprint and distribution ability, including over 3,000 branch offices, including 36 provincial-level branches nationwide. This greatly benefits the Company's Managing General Underwriting (MGU) business division, and deepens its relationship with PICC, providing synergy to the main to-Business-to Consumer (2B2C) embedded digital insurance brokerage business.
"We are delighted to announce that we have been awarded this significant tender, which we believe will enhance our credibility within the insurance sector. This achievement is a vote of confidence in our track record and expertise in the high-end medical field, both of which were key factors in our successful bid," said Botao Ma, Founder, Chairman and Chief Executive Officer of Zhibao Technology. "This partnership will allow us to develop a reliable revenue stream, provide ample opportunities to diversify our business activities, deepen our relationships with the PICC Group, enhance our cash flow position, and strengthen our path to profitability."
PICC Group is the ninth-largest insurance group globally by premiums written in 2021, according to AM Best, following Allianz Group in the ranking study. PICC P&C is the second largest P&C insurer globally in terms of P&C premiums written in 2023 according to S&P Global, behind State Farm.
About Zhibao Technology Inc.
Zhibao Technology Inc. is a leading and high growth InsurTech company primarily engaging in providing digital insurance brokerage services through its operating entities ("Zhibao China Group") in China. 2B2C ("to-business-to-customer") digital embedded insurance is the Company's innovative business model, which Zhibao China Group pioneered in China. Zhibao China Group launched the first digital insurance brokerage platform in China in 2020, which is powered by their proprietary PaaS ("Platform as a Service").
Zhibao has developed more than 40 proprietary and innovative digital insurance solutions addressing different scenarios in a wide range of industries, including but not limited to travel, sports, logistics, utilities, and e-commerce. Zhibao China Group acquire and analyze customer data, utilize big data and artificial intelligence technology to continually iterate and enhance its digital insurance solutions. This iterative process, in addition to continually improving its digital insurance solutions, will keep the Company abreast of the new trends and customer preferences in the market.
For more information, please visit the Company's website at ir.zhibao-tech.com.
About The People's Insurance Company of China Limited (PICC Group)
People's Insurance Co. of China Ltd. (PICC Group) is a holding company principally engaged in the provision of insurance products. Along with subsidiaries, the Company is mainly engaged in property insurance, health insurance, life insurance, reinsurance, Hong Kong insurance, pension insurance and operating insurance business. The property insurance business mainly includes the provision of property insurance products for companies and individuals, including motor vehicle insurance, agricultural insurance, property insurance and liability insurance. The health insurance business mainly includes health and medical insurance products. The life insurance business mainly includes life insurance products, including participating, endowments, annuity and universal life insurance products. Hong Kong insurance business includes property insurance business in Hong Kong, China. The pension insurance business includes business annuities and occupational annuities.
For more information, please visit the Company's website at https://www.picc.com/.
Forward-Looking Statements
Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "is/are likely to," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations that arise after the date hereof, except as may be required by law. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions, and other factors discussed in the "Risk Factors" section of the registration statement filed with the SEC. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the SEC. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov.
Contact Information:
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Zhibao Technology Inc.
Investor Relations Office
ir@zhibao-tech.com
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Scott Powell, President
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Email: info@skylineccg.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/221626
FAQ
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